Reserve Bank of Australia Governor Glenn Stevens said that while the central bank has been unconvinced about the effectiveness of trying to drive down the Aussie, he remains “open-minded” on currency intervention.
Japan escalated its campaign to convince investors that the nation’s post-earthquake challenges mean they shouldn’t pile into the yen as a haven from the turmoil over U.S. and European debt.
The pound may fall against Norway’s krone after the Bank of England yesterday signaled that it’s moving closer to asset purchases while Norges Bank said rates should be raised gradually, UBS AG said.
UBS AG ended a trade recommendation to sell the pound against the dollar after the U.K. currency rose, surpassing the bank’s upper limit to protect against greater losses.
Australia’s currency fell for a fifth day against the U.S. dollar in the longest losing streak in almost a year after data showed an unexpected decline in retail sales in June.
UBS AG, Switzerland’s biggest bank, increased its forecasts for the franc against the euro as the Swiss currency’s world-beating gains in the past six months confound those expecting it to weaken.
Not since 1999 have currency traders been bullish on the dollar for so long, a sign that the market sees the U.S. resuming its role as the engine of global economic growth.
The euro rose as Asian stocks gained for the first time in three days before reports forecast to show German services and factory output expanded this month.
"Changes in spot iron ore prices affect the currency far more quickly these days."
- Gareth Berry on May 21, 2014
UBS’s Berry Sees `Fractured’ Bet on Japan Inflation